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Tuesday, 22 February 11
SUPRAMAX MARKET IS IMPROVING IN THE PACIFIC


BRS - A 10% rise in the BDI this week, mostly on the back of Panamax rates and improvements in the Supramax market in the Pacific. For the Capes, rates rose slightly but it was an inconclusive week. Adding to the uncertain situation in India, Chhattisgarh state, which produces around 20% of India's iron ore reserves, this week became the latest to threaten a possible ban on exports after the state’s chief minister appealed to the Indian prime minister. The region has only one ore miner, state-owned NMDC, so a decision on a ban would have to be made by the federal government. Karnataka’s ban on exports from private firms is currently being appealed in the Supreme Court, but has already resulted in a significant drop in exports from the country. 

Capesize
Although Chinese New Year is now well and truly behind us, there has yet to be a significant recovery in Capesize rates. Rates rose Friday to Friday but started another downward slide towards the end of the week. At US$ 6,620 per day on Friday, the 4TC is still lower than rates before the holiday. Widespread tonnage availability continues to be the main issue, particularly in the Pacific, and the only route to show any real rate increase was Brazil-China. There was no period activity to report, and in the FFA market Q2 has now dropped from US$ 21,000 levels to US$ 17,500. The BCI recorded another drop on Monday.

Panamax
The Panamax market this week continued in the same vein as last week, boosted by a firm Indian market; the 4TC average closed on Friday at US$ 16,000 per day, up US$3,000 compared to a week ago. The route paying the most was the WCI/ China trade where a standard Tess 74 managed to fix at US$ 22/23,000 per day. The Nopac itself was closer to US$15,000/ day, representing an increase of around US$ 4,000 compared to last week’s level. The India buzz had an impact on TA round rates and especially in the ECSA area. But by the end of the week we noted a decrease in activity, with a still quiet ECSA grain export market and high ship availability. The TA round ended the week at US$15/16,000 per day. Period wise, numbers increased as well and operators were taking ships in at around US$18,000 per day ie an increase of US$2,000 compared to the previous week.  

Supramax/Handy
The Baltic Supramax Index has continued to rise throughout the week as activity picks up steadily after the Chinese New Year. Despite this rise, one wonders whether the improvements will last. The BSI gained 113 points to finish at 1,267 points last week, while the average of the time charter average gained US$1,184 to finish at US$13,247. The USG and NCSA were the most active areas, and modern Supras were fixed at in the low/ mid US$20,000s back to the Continent/Med. Supras were paid around US$25,000 for delivery west coast central America. The Continent has also been active with fixtures reported to various destinations including the Far East in the very high US$10,000s, and a couple of laden legs within the Atlantic in the mid US$10,000s. Little emerged from South America on the Supras.  The Baltic has also been on the rise for smaller sizes and the BHSI gained 19 points last week to finish at 670, while the average of the time charter gained US$304 to finish at US$9,906. East coast South America has been more active mainly with grain fixtures to the Continent and Mediterranean in the mid to mid/high US$10,000s depending on vessel age. From north coast South America vessels were fixed at US$15,000 for Continent redelivery and modern Handies were rumoured fixed at US$10,000 from the eastern Med to west Africa. Modern Supras were fixed in the mid US$10,000s level for 4-6 months period with delivery Far East. The Pacific was also on the rise with Supramaxes ex Japan to Australia/Nopac gaining US$2,386 to end the week at US$10,791. Supras open in China for a trip to Indonesia with redelivery India were paid a touch below US$10,000.
Source: Barry Rogliano Salles



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